Brokerages Set Palomar Holdings, Inc. (NASDAQ:PLMR) PT at $127.83

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $127.83.

Several brokerages have issued reports on PLMR. Keefe, Bruyette & Woods upped their price target on shares of Palomar from $152.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, March 21st. Piper Sandler upped their target price on Palomar from $133.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Truist Financial increased their target price on Palomar from $112.00 to $150.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, JMP Securities reissued a “market perform” rating on shares of Palomar in a report on Thursday, February 13th.

Palomar Price Performance

Shares of NASDAQ:PLMR opened at $137.08 on Tuesday. Palomar has a 12 month low of $74.09 and a 12 month high of $139.21. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 30.60 and a beta of 0.33. The business’s 50 day simple moving average is $121.48 and its 200-day simple moving average is $108.54.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.13. Palomar had a return on equity of 19.76% and a net margin of 21.23%. On average, equities analysts anticipate that Palomar will post 5.99 earnings per share for the current year.

Insider Transactions at Palomar

In other news, insider Angela L. Grant sold 1,505 shares of the company’s stock in a transaction dated Wednesday, January 1st. The shares were sold at an average price of $105.86, for a total transaction of $159,319.30. Following the completion of the transaction, the insider now owns 2,534 shares of the company’s stock, valued at $268,249.24. This represents a 37.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mac Armstrong sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $109.76, for a total transaction of $768,320.00. Following the completion of the sale, the chief executive officer now directly owns 412,388 shares in the company, valued at $45,263,706.88. This represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,455 shares of company stock worth $4,050,340 over the last quarter. 4.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palomar

Institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. purchased a new stake in shares of Palomar during the 4th quarter valued at $26,000. Smartleaf Asset Management LLC boosted its holdings in Palomar by 536.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 414 shares of the company’s stock valued at $43,000 after acquiring an additional 349 shares during the last quarter. Jones Financial Companies Lllp grew its position in Palomar by 63.2% during the fourth quarter. Jones Financial Companies Lllp now owns 493 shares of the company’s stock valued at $52,000 after acquiring an additional 191 shares during the period. Farther Finance Advisors LLC increased its stake in Palomar by 21.8% during the fourth quarter. Farther Finance Advisors LLC now owns 554 shares of the company’s stock worth $58,000 after acquiring an additional 99 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of Palomar by 44.9% in the 4th quarter. KBC Group NV now owns 1,045 shares of the company’s stock worth $110,000 after purchasing an additional 324 shares during the period. Institutional investors and hedge funds own 90.25% of the company’s stock.

Palomar Company Profile

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.